CREC Senior Vice President Completes $4.15 Million Sale Of Historic Site In Miami Beach

Apr 13, 2017 No Comments by

CREC announced that Senior Vice President Peter Mekras has finalized the $4.15 million sale of 161 Washington Avenue, a 6,500-square-foot lot with a historical structure located at the corner of Washington Avenue and Second Street in the South of Fifth neighborhood of Miami Beach.

The seller, 244 SOFI LLC, a private investor, acquired the site for $2.15 million in August 2013 and obtained entitlements to renovate the historic structure, which was originally built in 1925, to a full-service restaurant. While the property’s zoning provides for a variety of uses, the existing structure’s historical designation limited opportunities for development of condominiums, hospitality or other high-demand products. Though there was substantial interest from prospective tenants for lease, CREC and the seller determined that a sale to an owner/user was the optimal exit from the property, given the substantial improvements required by any prospective tenant.

Mekras exclusively represented the seller in the transaction. CREC ran a broad marketing process with many candidates, including short-term rental, hospitality, medical, retail, and restaurant users. Interest was from both local operators and new-to-market foreign investors with existing concepts. The property was sold in an all cash transaction. The buyer was a private investor represented by Allison Turk of EWM Realty International.

Mekras has closed $1.8 billion in transactions in Florida. CREC’s strong service portfolio throughout South Florida was leveraged in this transaction and remains one of its competitive advantages.

 

“The sale of 161 Washington Avenue required simple blocking and tackling brokerage efforts, including phone calls, hard copy mail advertising, soliciting local owners, contacting restaurant operators, returning calls and servicing inquiries. Our efforts generated a significant level of interest, but qualifying all prospects was our greatest challenge. An opportunity for an owner/user to acquire a corner South of Fifth property is desirable, but e‐mail blasts rarely find the buyer and never close the deal,” said Mekras.

 

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Industry News, NA
No Responses to “CREC Senior Vice President Completes $4.15 Million Sale Of Historic Site In Miami Beach”

Leave a Reply